Uncategorized
Corporate Affairs Commission places First Bank record on caveat as board crisis worsens
Corporate Affairs Commission places First Bank record on caveat as board crisis worsens
. As ex-AMCON chair accuses bank of promoting illegality and disobedience to court orders
By: Michael Mike
The Corporate Affairs Commission, CAC, has placed the record of First Bank of Nigeria (FBN) Holdings on caveat pending the resolution of the current crisis rocking the board of the bank as a result of multiple court cases filed by aggrieved directors.
The current crisis rocking the bank stems from protests by shareholders who are kicking against the bank’s internal governance and shareholding structure, as a result of which some of them have taken their grievances to the court. One of such is the case of Olusegun Samuel Onagoruwa v. FBN Holdings Plc in Suit No. FHC/L/CP/1271/2022), which is challenging the capacity of the Board of Directors of FBN to appoint new persons to fill vacant slots.
Onagoruwa in his suit is seeking “an order setting aside, nullifying, annulling and/or quashing the appointments and approvals of Mr. Olusola Adeeyo, Mr. Viswanathan Shankar, Mrs. Remilekun Adetola, Mr. Anil Dua and Mrs. Fatima Ibrahim as Non-Executive Directors of First Bank of Nigeria Limited made on the 20th day of March, 2024, by FBN Holdings Plc during the pendency of this action and in defiance of the subsisting order of this Honourable Court made on the 15th day of July, 2022.”
The motion also seeks an order restraining the above-named non-executive directors from acting or taking any steps as non-executive directors of the bank. The current court case follows similar four other cases pending at the Federal High Court in Lagos and Abuja challenging the internal governance of FBN Limited, in addition to existing court injunctions restraining the bank from holding the last two Annual General Meetings which the bank went ahead to hold.
In a new twist to the crisis, the Corporate Affairs Commission in a letter titled
“RE: NOTIFICATION OF PENDENCY OF SUIT NO. FHC/L/CP/1575/23 AGAINST FBN HOLDINGS PLC, AND SUBSISTING INTERIM ORDERS OF THE FEDERAL HIGH COURT MADE ON THE 9TH DAY OF AUGUST 2023 RESTRAINING FBN HOLDINGS PLC FROM HOLDING OR PROCEEDING WITH ITS ANNUAL GENERAL MEETING PURPORTEDLY HELD ON THE 13TH DAY OF AUGUST 2023”, weighed in on litigations threatening to tear the old generation bank apart.
Signed on behalf of the Registrar General of CAC by Chidimma Maureen Nwite, the Commission in a letter to lawyers to some of the parties in court against FBN Holdings said
“This is to inform you that the record of FBN Holdings PLC RC: 916455 has been placed on caveat pending the determination of Suit No. FHC/L/CS/1575/2023.
Please be guided accordingly.”
Speaking on the multiple crises rocking the foundation of First Bank, a former Chairman of Asset Management Corporation of Nigeria, AMCON and Senior Advocate of Nigeria, Dr. Muiz Banire accused the first generation financial institution of promoting illegality and flagrant disobedience of court orders, a development shareholders fear poses major threat to the bid by the bank to strengthen its capital base in line with the recent directive of the Central Bank of Nigeria to all banks operating in the country to recapitalize.
Banire who is involved in one of the court cases said “the Bank seems to now have a reputation of defying court orders. What I just read is similar to the case Iam handling also. The Bank appears to be building a reputation of lawlessness and by the time it boomerangs, the bank and by extension the shareholders will bear the brunt. I am sure the plaintiffs will not allow them to get away with the illegality. The case of the bank is becoming a bubble.”
He further said “I also believe the CBN is aiding and abetting the Board of Directors the apex bank imposed. Everything the Board is doing is beyond their mandate. The Apex Bank needs to dissolve the Board and allow the shareholders to choose their Directors. It is one illegality after another.”
According to one of the workers union leaders in the bank, “as the tenure of the imposed directors is expiring, the same illegitimate Management of FBN, whose legitimacy is being challenged, has gone further, during the pendency of the cases challenging their competence to lead the bank, to arbitrarily appoint further five independent directors. Where they derived the power from remains a mystery.
“Mismanagement and manipulation of shares are also being alleged in some of the cases pending against the bank while the legality of the AGMs and the imposed board of directors remain a challenge.” The union leader expressed the fear that the spate of litigations and board squabbles currently rocking the bank may bring a quick collapse of the over 100-year- old bank.
Also speaking on the development, a shareholder, Mr. Olalekan Babalola, said “it is imperative for the authorities to find a solution to this lingering crisis as Nigeria cannot afford another major bank’s collapse at this critical time when President Bola Tinubu is working hard to revamp the nation’s crumbling economy. This is because the current crisis will definitely impede the bank from getting the new Central Bank’s capitilisation threshold.”
He called for urgent resolution of all court cases in the overall interest of depositors, shareholders and other stakeholders of the bank before further damage is done to the oldest Nigerian bank.
Corporate Affairs Commission places First Bank record on caveat as board crisis worsens
Uncategorized
NAPTIP Since Inception Has Rescued 23,900 Victims of Human Trafficking, Gotten 692 Convictions- Binta Bello
NAPTIP Since Inception Has Rescued 23,900 Victims of Human Trafficking, Gotten 692 Convictions- Binta Bello
By: Michael Mike
The National Agency for the Prohibition of Trafficking in Persons (NAPTIP) has been able to rescue 23,900 victims of human trafficking and gotten 692 convictions since its inception, its Director General, Hajiya Binta Bello has said.
Speaking on Wednesday at the High-Level Policy Dialogue 2024 on Sexual and Gender-Based Violence as part of the activities marking the 2024, 16 Days of Activism against Gender Based Violence themed: “Unite to end violence against women and girls,” the DG said NAPTIP has achieved significant milestones in the fight against gender-based violence in Nigeria.
She noted that such milestones include the rescue of victims from human trafficking, stating that: “So far, NAPTIP has rescued 23,900 victims of human trafficking, which includes 90% women.”
She added that shelters and safe spaces have been created, stressing that the agency has established 92 offices and 40 shelters across Nigeria and the federal capital territory to provide safe homes for victims.
Bello said NAPTIP has secured 692 convictions for traffickers and 37 for perpetrators of GBV, noting that the agency
conducts regular training programmes for law enforcement agencies, stakeholders, and the public to raise awareness and improve response to GBV.
She equally stated that the agency continuously engage in public awareness campaign, which is aimed at informing, educating and mobilizing communities against the menace of GBV and human trafficking.
Bello said the agency also collaborates with international organizations, NGOs, and other stakeholders to amplify its efforts and reach a wider audience, adding that: “NAPTIP has also developed and implemented national action plans to combat human trafficking and GBV, ensuring a coordinated and effective response. The agency advocates for stronger policies and legal framework to protect victims and persuade offenders.
She noted that: “These achievements highlight NAPTIP’s unwavering commitment to creating a safer and more equitable society, especially for women and girls in Nigeria and beyond. These efforts have not only provided immediate support to victims, but also contributed to long-term systemic changes to prevent this problem. These examples provide us an invaluable platform to assess our strategies, foster collaboration, and ensure that policies are effectively implemented and monitored.
“It is an opportunity to amplify the voices of survivors, engage policymakers, and inspire every stakeholder to act decisively. We cannot do it alone. We need every hand on deck to move our shared vision into reality.”
The DG appealed that: “As we deliberate today, I would like to profess to you our close collaboration in several key areas to enhance our efforts. Capacity building, providing NAPTIP operators with training on best practices for fighting GBV, to ensure they are equipped with the latest knowledge and skills, Expansion of our shelters, expanding NAPTIP shelters across Nigeria to provide safe havens for war victims. These shelters, if expanded, shall include both closed and open shelters as well, to absorb best practices.
“Empowerment programme. Initiatives to empower victims of this menace through vocational training and economic opportunities and psychosocial support. Let us focus on actionable steps to break the cycle of violence.
“Let us ensure that survivors receive the justice and support they deserve. Let us, as a united front, challenge the social norms and structure that perpetuate violence.”
She insisted that: “Together we can make significant progress in the fight against gender-based violence and build a safer, more equitable society for women and girls.”
Also speaking at the event, the President of the Defence and Police Officers Wives Association (DEPOWA), Mrs. Oghogho Gwabin said: “This event is apt and well-tailored to commemorate the 16 Days of Activism against Gender-Based Violence. This year’s theme, “Towards Beijing 30+: Unite to End Violence Against Women and Girls,” is a timely and urgent call to action, one that resonates deeply with all of us as we collectively strive for a world free from violence, where women and girls can live with dignity, equality, and respect.”
She noted that: “Undoubtedly, violence against women and girls remains a pervasive global challenge, but we must remain steadfast in our commitment to addressing and eradicating this violation of human rights. As we reflect on the Beijing Declaration and Platform for Action, which is being said to be the most comprehensive and transformative global agenda for the empowerment of women and girls, it is evident that much progress has been made.”
She added that: “However, as we mark this significant milestone, we are also reminded that there is still much work to be done. As such, I am pleased to be in this space with like minds who are focused on women empowerment and resolute to combat GBV.”
She stated that: “The collaboration of the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) and the Rule of Law and Anti-Corruption (ROLAC) programme is vital in amplifying the message that we must unite to end violence against women and girls. Through joint efforts, we can build stronger systems of support, develop precautionary strategies, and foster a society that values and protects the rights of all individuals, especially women and girls.”
In his part, the Deputy Country Representative of United Nations Office on Drugs and Crime (UNODC), Danilo Campisi
said a vote to end violence against women and girls is a clarion call for all. “We cannot afford to stand still. We need action, not words, resources, not empty promises. Every 10 minutes, a woman is killed. For many women home, a place that should be a sanctuary, becomes a site of unimaginable harm. In 2023 over 60% of women and girls who were killed were killed by intimate partners or family members. These staggering statistics provided by unlc and UN Women remind us why we must unite to address the epidemic of violence against women and girls.”
He said: “UNODC has been at the forefront of combating gender-based violence and advancing justice for victims. Through tools such as the Feminicide Brief and other resources for criminal justice practitioners, we work to analyze these heinous crimes and identify critical gaps in prevention, response, and accountability. Here in Nigeria, the Third Corruption Survey, which was presented in July 2004, provides valuable insight into how corruption perpetuates gender inequalities and exposes women to hate and vulnerability.”
He added that: “Women’s limited access to public roles and decision-making positions not only undermines equality but also fuels structural violence. This, in turn, reminds us that gender-based violence and corruption are deeply interconnected challenges that require coordinated responses.”
Since 2015, when NAPTIP was given the mandate to enforce the BAP Act in FCT, we have remained steadfast in our commitment to ensuring that no woman or girl is left behind in the fight to unite free from violence. As a nation, we have made commendable strides in policy formulation, legislation, and activism. But we must acknowledge that much remains to be done to eradicate this menace.
NAPTIP Since Inception Has Rescued 23,900 Victims of Human Trafficking, Gotten 692 Convictions- Binta Bello
Uncategorized
Troops of Operation Hadin Kai Kill Boko Haram Commander Abu Shekau, 4 Others in Yobe
Troops of Operation Hadin Kai Kill Boko Haram Commander Abu Shekau, 4 Others in Yobe
By: Zagazola Makama
Troops of Sector 2, Operation Hadin Kai, in collaboration with local vigilantes, successfully repelled an attempted attack by Boko Haram terrorists on Sabon Fagi community in Buni Yadi, Gujba Local Government Area of Yobe State.
Intelligence sources told Zagazola Makama that the attack, which occurred at approximately 11:00 p.m., resulted in a fierce gun battle that left four insurgents dead, including a notorious Boko Haram commander identified as Abu Shekau.
The troops recovered several weapons from the insurgents after engaging them with superior firepower, forcing others to flee and securing a decisive victory for the security forces.
Abu Shekau, a staunch loyalist and admirer of the late Boko Haram leader Abubakar Shekau, was considered a significant figure within the terror group.
Abu Shekau (Father of Shekau) had named his son after Abubakar Shekau as a mark of reverence for the group’s former ruthless leader.
Troops of Operation Hadin Kai Kill Boko Haram Commander Abu Shekau, 4 Others in Yobe
Uncategorized
ADC drags YSIEC to court in Yobe
ADC drags YSIEC to court in Yobe
By: Yahaya Wakili
The African Democratic Congress (ADC) in Yobe State has dragged Yobe State Independent Electoral Commission (YSIEC) to State High Court over its failure to serve us with any notice about the election.
The party also demanded the cancellation of the local government election conducted by the Yobe State Independent Electoral Commission (YSIEC).
This was contained in a press release issue, and signed by the State Chairman of ADC, Umar Kalli Alhaji, made available to newsmen in Damaturu, who said the election was characterized by irregularities and gross breaches of the electoral law.
“Section 4 of the 1999 constitution gives the Yobe State Independent Electoral Commission, YSIEC, power to organize, undertake, and supervise all elections to local government councils within the state, the release added.
“The ADC has not been properly informed by the YSIEC about the election for the submission of its candidates, which is a violation of the 2022 Electoral Act.
Adding that, section 29 (1) of the Electoral Act, 2022, tasked the political parties to hold a primary and submit the list of candidates to the commission not later than 180 days before the election.
The ADC revealed that it had written to the commission demanding the extension of the elections for the commission to regularize the process in line with the 2022 Electoral Act, but the commission ignored its request and went ahead to conduct the local government election.
Therefore, the ADC dragged the YSIEC before the State High Court over its failure to serve us with any notice about the election, which is a violation of the 2022 electoral act, yet the logo of our party appeared on the ballot paper among the 9 political parties that participated in the election.
Kalli stated that “the same YSIEC that refused to recognize our existence as a political party is the same commission that produced the ballot paper with ADC’s logo, knowing fully well that the party has no candidate in the election.”
When newsmen contacted the YSIEC Chairman, Dr. Mamman Mohammad said the commission was not aware of any case filed before any court by the ADC, adding that the election was conducted in full compliance with the 2022 Electoral Act.
ADC drags YSIEC to court in Yobe
-
News9 months ago
Roger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions3 years ago
THE PLIGHT OF FARIDA
-
News9 months ago
EYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
ACADEMICS10 months ago
A History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Columns9 months ago
Army University Biu: There is certain interest, but certainly not from Borno.
-
Opinions10 months ago
Tinubu,Shettima: The epidemic of economic, insecurity in Nigeria
-
Opinions3 years ago
POLICE CHARGE ROOMS, A MINTING PRESS
-
National News9 months ago
Fraud and Mismanagement Rock INGO’s IDP Cash Assistance Effort in Bama